With temperatures in Barrie getting warmer, more buyers are out actively looking at properties. Open houses are busier and showings are starting to pick up as we move into the spring market.
The Barrie condo market was quite active in the first quarter with a total of 73 condo units sold. Although Barrie has been experiencing a fast pace market in 2019 compared to 2018 (55 units sold in Q1), we are not in a seller’s market like in 2017 (109 units sold in Q1). Inventory is still high, so buyers are able to take their time and negotiate on their purchase.
The average sale price for a condo apartment in Barrie for the month of March was $368,223, down $20,000 from February but the median was $351,750; up approximately $30,000. Why such an extreme between the median and average pricing month-over-month? This is because there were 4 units sold in February over half a million which drove the average price up but the remaining units were sold under $400,000, causing the median pricing to be low. The numbers in March were more true to the current market as there were double the amount of condo apartments sold at a variety of prices.
Sales were up for the condo townhouse sector in March and the average sale price sat tight at $315,000; median $310,000. The numbers for condo townhomes tend to be more consistent as there is less of a variety of prices and unit type available.
There are currently 118 condo units for sale in Barrie. If no other condo were to hit the market, there would be enough inventory to last 3.6 months. We are still in a buyer dominant condo market but with average days on market sitting at just over a month, this tells me that there are still many condos that are overpriced and the units that are priced at market value are selling rather quickly.
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*All stats are based on listings sold with the Barrie & District Association of Realtors